Common use of Irrevocable; Process Valid; No Litigation; Etc Clause in Contracts

Irrevocable; Process Valid; No Litigation; Etc. (i) The Financing Order has been issued by the PSCWV in accordance with the Statute, the Financing Order and the process by which it was issued comply with all applicable Requirements of Law, and Order is in full force and effect, final, and not subject to appeal by any Person. (ii) As of the date of issuance of any Series of Environmental Control Bonds, such Environmental Control Bonds are entitled to the protections provided by the Statute and, accordingly, the provisions of the Financing Order relating to Environmental Control Property and Environmental Control Charges are not revocable by the PSCWV. (iii) (A) Under the Statute, the State of West Virginia has pledged (the “State Pledge”) that it will not take or permit any action that impairs the value of Environmental Control Property or, except as allowed in connection with the True-Up Adjustments, reduce, alter or impair Environmental Control Charges that are imposed, collected and remitted for the benefit of the Environmental Control Bondholders, until any principal, interest and redemption premium in respect of the Environmental Control Bonds, all financing costs and all amounts to be paid under any ancillary agreement are paid or performed in full. (B) Under the Contract Clauses of the Constitutions of the State of West Virginia and the United States, the State of West Virginia could not, absent a demonstration that such action was necessary to serve a significant and legitimate public purpose, repeal or amend the Statute, nor could the State of West Virginia (or the PSCWV in exercising its legislative powers) take any action or fail to take any action required by the State Pledge if the repeal or amendment, or the action or inaction, would substantially limit, alter, impair or reduce the value of the Environmental Control Property or the Environmental Control Charges.